Currency conversion from Paypal to Bank?

ums_2017
Contributor
Contributor

Since the last three months, for every transaction, by default, paypal automatically converts the transaction from USD to local currency.  Though I have not requested for it nor is the local currency mentioned in the list of currencies.  How do I stop that?  I want to pay in USD and the conversion will be done by my bank here.  The bank is also insisting on this.

 

Sometimes the option is there for the conversion settings, but mostly it is not available in the payment screen.

 

Any help is helpful.

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8 REPLIES 8

kernowlass
Esteemed Advisor
Esteemed Advisor

@ums_2017 

 

Withdrawals to bank accounts (not cards) are always in local currency OR the primary currency you opened your paypal account with as paypal does not support all currencies.


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DyteHunt
Contributor
Contributor

I opened my Paypal account in USD, it has always been in USD and I never made any changes! I do not need Paypal's excessive currency conversion and I would like to remove it!

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PayPal_Meghan
Moderator
Moderator

Hello @DyteHunt

Welcome back to the PayPal Community! 

I'm sorry to hear you're experiencing currency conversions when withdrawing. The account's primary currency depends on the country where your account is registered. If you live in a country where USD is not the primary currency, then all withdrawals to a bank account would be in that account's primary currency. While you can change the primary currency for sending and receiving payments, it wouldn't change the currency used for withdrawals to a bank account. 

You can change the currency for a debit or credit card, though, and it will include withdrawing as well as sending and receiving payments. If you'd like to update the currency on a card on your account, please reach out to Customer Support through one of the options on our website by selecting 'Contact' at the bottom of the page. 

I hope this clears up any confusion! 

- Meghan


If you found this or any other post helpful, please enrich the community by giving kudos or accepting it as a solution. While browsing, feel free to reply if you see a question you know the answer to. Our Community Users make the PayPal Community Forum! 
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ums_2017
Contributor
Contributor

Hi,

 

The issue is not for withdrawal to bank accounts but when using Paypal to pay at various sites.  There is only one currency set by me but still for almost all new transactions Paypal is converting the amount from USD to my local currency at their rate.

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kernowlass
Esteemed Advisor
Esteemed Advisor

@ums_2017 

 

If you are sending funds to another person ie the merchant then it would be up to them if they accept USD or not.

If they haven't added it as a receiving currency then it would convert to their local currency if that is what they invoiced you with. 


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OBKTRADING
New Community Member

we receive in USD and we would like to move it in USD to our local bank. and not PP defaulting it to conversion!!! the key ask is wire as it do not convert

 FYI we get charged 5 % in the incoming bill, and if they convert their way 3%. this yields into 8% and product are not sold with margins of this scale

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ums_2017
Contributor
Contributor

The other person accepts USD and their receipt shows USD also.  But, PayPal is deducting from me in the local currency based on their higher currency rates.

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OBKTRADING
New Community Member

I have the same topic and same problem. I am limiting the transaction on PP because of this till I find a solution.

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